RSA seeks Down Under buyers

Monday 8 July 2002 23:00 BST

EMBATTLED Royal & SunAlliance is struggling to sell its life assurance and fund management operations in Australia and New Zealand. It hoped to fetch £500m, as some bidders pull out and others seek a break-up of the assets.

RSA shares held at 241 1/2p, but have halved in a year. Rival Aviva, formerly CGNU, sold its Spanish general insurer to Groupama for £158m.